Review of the Registered Clubs Industry in NSW - Clubs NSW

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7 Improving clubs’ financial reporting and performance benchmarking management accounts will allow clubs to provide a more accurate and informative picture of the club’s financial performance in these statements. Recommendations 13 That a standardised reporting format or formats for financial management accounts be prescribed in the Registered Clubs Regulation 1996 for clubs with annual gaming machine revenue of less than $5 million and that: – Clubs be granted an exemption from this requirement only if they can show that their existing reporting format for financial management accounts can produce the necessary business efficiency and financial viability measures to submit to the Club Viability Panel. – The standardised format may vary, with different requirements for clubs with annual gaming machine revenue less than $1 million and those with annual gaming machine revenue between $1 million and $5 million. 14 That the Club Viability Panel (see Recommendation 26) be asked to develop and recommend the standardised reporting format(s) to the Minister for Gaming and Racing. 15 Once the standardised reporting format(s) have been approved by the Minister, that: – Clubs with annual gaming machine revenue of less than $5 million be required to submit one set of financial management accounts in their current format to the Club Viability Panel. – The Club Viability Panel undertake a high-level review of these financial management accounts to determine whether the club already complies or is exempt from the requirement to use the standardised reporting format on the grounds that its existing format can produce the necessary business efficiency and financial viability measures. 16 Where clubs are required to adopt the standardised reporting format, that those with annual gaming machine revenue of less than $1 million be given two years to comply, and those with annual gaming machine revenue between $1 million and $5 million be given 18 months to comply. 17 That clubs which have difficulty complying with the requirement to adopt the standardised reporting format due to resource constraints be eligible to apply for funding via the Club Viability Panel to make the necessary changes. 112 IPART Review of the Registered Clubs Industry in NSW
7 Improving clubs’ financial reporting and performance benchmarking 7.2 All clubs should be encouraged to monitor business efficiency and financial viability measures and compare their performance to industry benchmarks As noted above, benchmarking is an important tool that clubs can use to understand and strengthen their financial viability. It enables clubs to compare their own financial performance with that of similar clubs and the industry as a whole, and identify where their performance can be improved. ClubsNSW has developed best practice guidelines on benchmarking for clubs which provides more detail on the benefits of this tool (see Box 7.1). While some clubs (particularly the larger clubs) already use benchmarking, IPART considers all clubs should be encouraged to monitor their performance on a range of measures, and compare their performance to industry benchmarks. IPART has developed a set of ‘business efficiency’ measures and a set of ‘financial viability’ measures, based on information provided in stakeholder submissions, its consultations with case study clubs, and its review of existing benchmarking material available to the industry. 111 IPART considers that monitoring these measures will assist clubs to assess the efficiency and profitability of their operating departments and business as a whole, and identify if their financial viability is declining. These measures are discussed below. Box 7.1 Benefits of benchmarking for clubs ClubsNSW has developed best practice guidelines for benchmarking club performance, which IPART considers provide a good description of the process and importance of benchmarking. For example, these guidelines explain that benchmarking plays a vital role in promoting efficiency by ensuring that clubs have access to data that: identifies performance gaps within their operations highlights strengths and weaknesses within their operations assists in developing business improvement strategies provides a platform for decision-making and performance improvement encourages best practice. As a result, benchmarking can help a club to: improve its overall profitability and efficiency improve its staff productivity control costs use equipment and other assets more effectively meet its community obligations. 111 ClubsNSW Best Practice Guidelines on Financial Reporting and Operational Benchmarking and ClubData On-line benchmarking service (www.clubdataonline.com). Review of the Registered Clubs Industry in NSW IPART 113
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Independent Pricing and Regulatory
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© Independent Pricing and Regulato
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Contents 6 Strengthening the financ
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Executive Summary Executive Summary
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Executive Summary estimated the val
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Executive Summary Therefore, IPART
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Executive Summary However, IPART al
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Executive Summary List of Recommend
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Executive Summary 15 Once the stand
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Executive Summary 29 That ClubsNSW
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Executive Summary 46 That ClubsNSW
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Executive Summary 60 That OLGR deve
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1 Introduction 1 Introduction Over
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1 Introduction 1.1.2 Review’s foc
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1 Introduction 1.2 Other reviews an
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1 Introduction 1.3 The structure of
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2 The registered clubs industry in
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3 Understanding the social contribu
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9 Improving corporate governance 9.
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10 Helping clubs better understand
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11 Making it easier for clubs to am
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12 Making it easier for new clubs t
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13 Removing unnecessary regulatory
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14 A framework for a management pla
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A Terms of reference A Terms of ref
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A Terms of reference The proc
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B Terms of reference checklist Term
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C List of submitters, roundtable pa
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D Gambling expenditure and problem
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E IPART’s methodology for recordi
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F ACG’s approach to measuring the
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G ClubsNSW - steps to establishing
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G ClubsNSW - steps to establishing
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Glossary and Abbreviations Glossary
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Review of the Registered Clubs Industry in NSW - Clubs NSW

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